Abstract
Financial technologies have revolutionised banking and other financial service operations all over the world in the past 10 years. This has made the process much easier for both the customers and banking authorities. This chapter provides a brief overview of the most widely used financial technology, blockchain, and its applications and possibilities for banking operations and financial services in India. Blockchain is a new technology that attracts the attention of banks and has the remarkable potential to disrupt the financial system. The chapter provides the components, types, and characteristics of blockchain technology and its uses in banking and financial services. This chapter also compares traditional banking, online financial services, and cryptocurrency banking. Further, the chapter explores the strengths, weaknesses, opportunities, and challenges of blockchains in banking and financial operations. The chapter concludes that blockchain has impacted banking and financial services and transformed the core process of payment methods through blockchain technology.
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